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wtotay
Joined: 12 Oct 2006
Posts: 1
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| Posted: Thu Oct 12, 2006 4:40 pm Post subject: Mortgage Affinity Program |
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| I just found out that my company has a Mortgage Affinity Program for it's employees. I don't have stellar credit, but am interested in purchasing a home in the near future. Would I benefit from a program like this? Also, does anyone have any experiences with them? |
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Haplo
Joined: 20 Jan 2005
Posts: 2406
Location: Springfield, IL
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| Posted: Thu Oct 12, 2006 6:13 pm Post subject: |
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Quote: Would I benefit from a program like this?
From my understanding of what this is, it's basically a list of contacts of people for you to use, of which they may provide discounts for using that specific group of people. You may benefit from it, but always make sure you check up on the company and the people that are being recommended because they do receive a financial benefit from it as we all do. As far as your credit, it may or may not have an impact, that depends on the lender.
Quote: Also, does anyone have any experiences with them?
I have not personally, no. |
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rlake
Joined: 28 Oct 2006
Posts: 8
Location: Sacramento and Pleasanton, CA
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| Posted: Sat Oct 28, 2006 7:26 am Post subject: |
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These "preferred lender" (Affinity) programs are easy to use but not necessarily competitive with the open market. Regardless of how good the particular program may appear compare two more Brokers/Lenders.
Get the "Good Faith Estimates" document in printed form as required...a verbal commitment is insufficient. Then compare them line by line. Discuss the the inevitable cost variations and possible ommissions until you are confident. Remember that the lowest estimate may not be the most complete estimate. |
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